公司业绩增速表现亮眼，期间费用率上行 2025 年上半年公司业绩增速表现亮眼，主要受报告期内新增并表子公司导致。分季度来看，Q2 实现营 业收入3.70 亿元，同比增长20.41%；实现归母净利润0.97 亿元，同比增长31.66%。上半年公司毛利 率、净利率分别为44.04%和28.48%，分别较去年同期增加0.61pct 和4.93pct，公司期间费用率较去年同 期增加2.15pct 至25.65%。 事件： 2025 年8 月29 日，公司公告2025 年半年度报告，25H1 实现营业收入6.85亿元，同比增长23.40%；实现 归母净利润1.73 亿元，同比增长47.93%，基本每股收益0.61 元。 点评： 市场竞争风险。公司主要产品所处行业竞争较为激烈，预计行业内公司将面临国际、国内双重市场竞 争。 汇率波动风险。公司稳步拓展海外市场，汇率若发生较大波动将影响公司业绩。 围绕机器人传感器方向，产业投资、客户拓展取得积极进展 原材料价格波动风险。大宗商品价格变化将导致公司生产成本存在上升风险。 盈利预测与评级 中性情境下，我们预计公司2025-2027 年营业收入为15.27、18.23、21.96 ...

Core Viewpoint - The company reported a revenue of 4.92 billion yuan in Q2 2025, representing a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 220 million yuan, up 22.7% year-on-year [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 4.92 billion yuan, with a year-on-year growth of 6.1% and a quarter-on-quarter growth of 13.4% [2]. - The gross profit margin for Q2 2025 was 15.7%, down 1.6 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, primarily due to intensified competition in the downstream market [3]. - The net profit margin for Q2 2025 was 4.4%, reflecting a year-on-year increase of 0.6 percentage points, despite a quarter-on-quarter decrease of 0.5 percentage points [3]. Group 2: Market and Industry Trends - The global automotive market showed strong performance in Q2 2025, with China's passenger car production reaching 7.01 million units, up 11.7% year-on-year; U.S. light vehicle sales at 4.181 million units, up 3.0% year-on-year; and European passenger car registrations at 3.78 million units, up 8.5% year-on-year [2]. - The company is deepening its layout in the new energy sector, with 526 new projects initiated in the first half of 2025, including 161 in the automotive metal sector and 365 in the automotive pipeline system [4]. Group 3: Strategic Initiatives - The company is actively developing its autonomous logistics vehicle steering system, having completed the design phase and entered prototype manufacturing [4]. - The company is enhancing operational quality and risk management in its German operations and implementing efficiency improvement plans in its Mexican operations [4]. - The company has made progress in its robotics sensor project, with multiple small batch orders delivered for tension, torque sensors, and the design of six-dimensional force sensors completed [4]. Group 4: Investment Outlook - The company plans to achieve a revenue of 19.1 billion yuan in 2025, reflecting a year-on-year growth of 1.4% [5]. - The company is expected to distribute a cash dividend of 0.10 yuan per share, totaling 120 million yuan, with a payout ratio of 28.2% [5]. - Forecasted net profits for 2025-2027 are 840 million, 940 million, and 1.07 billion yuan, with corresponding price-to-earnings ratios of 19.8X, 17.7X, and 15.6X [5].